Typical power electronic converters employ only pulse width modulation (PWM) to generate specific switching patterns. In this paper, a novel control strategy combining both pulse-width and amplitude modulation strategies (PWAM) has been proposed for power converters. The Pulse Amplitude Modulation (PAM), used in communication systems, has been applied to power electronic converters. This increases the degrees of freedom in eliminating or mitigating harmonics when compared to the conventional PWM strategies. The role of PAM in the novel PWAM strategy is based on the control of the converter's dc sources values. Software implementation of the conventional PWM and the PWAM control strategies has been applied to a five-level inverter for mitigating selective harmonics. Results show the superiority of the proposed strategy from the THD point of view along with a reduction in the inverter power dissipation.